INTRODUCTION TO ENTREPRENEURSHIP (ENT 302)

TRIAL QUESTIONS

(UNIT 1 OVERVIEW OF ENTREPRENEURSHIP TO UNIT 8 RESOURCES)

Q1. The following are drawbacks to entrepreneurship except........

A. Disengagement

B. Discouragement

C. High levels of stress

D. Risk of losing investment

Q2. I am likely to be an entrepreneur because I have chosen a career path that offers entrepreneurial
opportunities. This statement means I am motivated by.............

A. Locus of control

B. Perception of desirability

C. Perception of feasibility

D. Positive push

Q3. One of the following is a psychological reason for pursuing entrepreneurship.

A. Between things

B. Locus of control

C. Middle of things

D. Need for satisfaction

Q4. I am an entrepreneur who practices directly in daily work at a final product that reflects my
competencies. What type of entrepreneur am I?

A. Craft

B. Nascent

C. Opportunist
D. Serial.

Q5. One of the following is a sociological reason for pursuing entrepreneurship.

A. Between things

B. Locus of control

C. Middle of things

D. Need for satisfaction

Q6. The word entrepreneur is derived from a French word enterprender, which means......

A. To be creative

B. To make profits

C. To take over

D. To undertake.

Q7. I may not have a lot of skills, but I am a resourceful person who would be open to any entrepreneurial
idea that has potential. What type of entrepreneur am I likely to be?

A. Craft

B. Portfolio

C. Opportunist

D. Serial

Q8. My friends keep saying I am good at hair styling and so I have decided to start my own hair salon.
This statement means I am motivated by.........

A. Perception of desirability

B. Perception of feasibility

C. Positive pull

D. Positive push
Q9. The characteristics of an individual that causes consistent patterns in that individual's behaviour over
time is referred to as entrepreneurial..........

A. Attribute

B. Mentality

C. Personality

D. Potential

Q10. All the following are steps in the entrepreneurial process except.....

A. Evaluation and exploitation of resources

B. Idea generation

C. Opportunity recognition

D. Resource allocation

Q11. I started selling bottled water to my colleagues in class last semester but I failed terribly. I think I'm
not very lucky in life and doing successful business is not my fate. This statement means I have high.........

A. External locus of control

B. Extremes locus of control

C. Internal locus of control

D. Resources

Q12. One way to avoid pitfalls of your business is to...........

A. Make profits.

B. Sell shares

C. Take risk

D. Understand your business in depth

Q13. Entrepreneurs are not only motivated by profits and regard it as a yardstick for measuring
achievement.

A. True

B. False

Q14. Entrepreneurs are only motivated by profits and regard it as a yardstick for measuring achievement.

A. True

B. False

Q15. One of the ways to keep the entrepreneurial fire going it to.....

A. Learn

B. Make profits

C. Sell shares

D. Take risk

Q16. All the following are non - entrepreneurial attributes except.....

A. Dependency

B. Impulsiveness

C. Invulnerability

D. Values

Q17. I am not likely to be an entrepreneur because I believe that what happens in my life is as a result of
my personal decision. This statement means I have high.......

A. External locus of control

B. Extreme locus of control

C. Internal locus of control

D. Interval locus of control

Q18. Akosua became an entrepreneur because she was motivated by Kofi's success story. The statement
implies Akosua was influenced by........

A. Desirability

B. Feasibility studies

C. Perceived desirability

D. Perceived feasibility.

Q19. Which of the following is not a drawback of entrepreneurship

A. Uncertainty of income

B. Long hours and hard work

C. Making difference

D. High levels of stress

Q20. Which of the following describes a serial entrepreneur?

A. Owns an equity stake in an independent business.

B. Takes an idea to market and makes it happen

C. Has no grand vision

D. Expect to be the owner or part owner of a start-up business.

Q21. Which of the following is true about an opportunist entrepreneur? He / She

A. Has no grand vision

B. Owns an equity in an independent business.

C. Takes an idea to the market and makes it happen

D. Trains apprentices
Q22. Craft entrepreneurs can further be classified into.........

A. Nascent and novice entrepreneurs

B. Growth oriented and income oriented entrepreneurs.

C. Opportunist and portfolio entrepreneurs

D. Serial and strategic entrepreneurs

Q23. Which of the following is/are not a core attribute of an entrepreneur?

A. Determination

B. Intelligence

C. Tolerance of Risk

D. Courage

Q24. Entrepreneurship is all about the following except....

A. Having the tenacity to push an idea through to reality

B. Innovation and invention

C. Seeking opportunities

D. Taking risk below security

Q25. The first person who introduced the term entrepreneur is.......

A. Adam Smith

B. Peter F. Drucker

C. Richard Cantillon

D. Joseph Schumpeter

Q26. Akosua decided to enter into petty trading because of poverty. Who is Akosua?
A. Novice entrepreneur

B. Social entrepreneur

C. Subsistence entrepreneur

D. Scalable and start up entrepreneur

Q27. An approach in which individuals, groups, start-up companies or entrepreneurs develop, fund and
implement solutions to social, cultural or environmental issues is......

A. Corporate entrepreneurship

B. High Growth entrepreneurship

C. Social entrepreneurship

D. Subsistence entrepreneurship

Q28. Which of the following is not a role of entrepreneurship in economic development?

A. Entrepreneurs exploiting only from the community

B. Harnessing resources that were previously lying down

C. New venture creation

D. Redistribution of wealth

Q29. The characteristics of an individual that causes consistent patterns in individual's behaviour over
time referred to as entrepreneurial........

A. Attribute

B. Attitude

C. Mentality

D. Personality

Q30. All the following are ways to avoid pitfalls of small business failure except.....

A. Knowing your business depth

B. Maintain positive attitude

C. Setting your business along with the competition

D. Understanding financial statement.

Q31. An individual who actively engage in creating new venture either alone or with someone and is
expected to be the owner or part owner of this start up is....

A. Serial entrepreneur

B. Nascent entrepreneur

C. Novice entrepreneur

D. Portfolio entrepreneur

Q32. An individual who has no prior business ownership experience as a founder, inheritor of a business,
or a purchaser of a business is.....

A. Habitual entrepreneur

B. Novice entrepreneur

C. Portfolio entrepreneur

D. Serial entrepreneur

Q33. If an entrepreneur has internal locus of control, this means that he or she.....

A. Has a high need for achievement

B. Feels comfortable in an unstructured

C. Believes that success depends on his or her own actions

D. Believes fate is a powerful force.

Q34. Which of the following is a common entrepreneurial traits?

A. A high need for achievement

B. A need for structured environment

C. Viewing changes as threatening

D. All of the above.

Q35. The process of gathering information about trends is......

A. Need for achievement

B. Neuroticism

C. Scanning the environment

D. Tenacity

Q36. An entrepreneur who owns more than one business at a time is......

A. Corporate entrepreneur

B. Entrepreneur

C. Portfolio entrepreneur

D. None of the above.

Q37. According to.......... the entrepreneur is a person with unusual foresight and could recognise the
potential of goods and services.

A. Adam Smith

B. Charles Darwin

C. Joseph Alois

D. Richard Cantillon

Q38. An organisation that is focused on executing a repeatable and scalable business model can be
described as......... enterprise

A. Large or small

B. Start up

C. Transformational
D. Transactional

Q39. Which of these functions of entrepreneurs relate to opportunity?

A. Analysing, Directing, Scanning

B. Analysing, Focusing, Scanning

C. Attracting, Leading, Analysing

D. Scanning, Identifying, Analysing

Q40. Entrepreneurship is more than mere creation of business. It is about......

A. Being interested in everything

B. Having thought of creativity

C. Overlooking opportunities

D. Taking risks beyond security

Q41. Which of the following is not a classification of entrepreneurs?

A. Portfolio entrepreneur

B. Movice entrepreneur

C. Nascent entrepreneur

D. Serial entrepreneur

Q42. Entrepreneurial personality can also be referred to as.........

A. Entrepreneurial attribute

B. Entrepreneurial knowledge

C. Entrepreneurial traits

D. Entrepreneurial self-efficacy.
Q43. All the following are psychological reasons that influence one's decision to become an enterprenuer
except....

A. High need for achievement

B. Locus of control

C. Need for achievement

D. Positive push

Q44. I am not likely to become entrepreneur because I believe that what happens in my life is as a result
of fate. This statement means I have high.......

A. Need for achievement

B. External locus of control

C. Perceived feasibility

D. Positive push

Q45. According to Cantillon, the entrepreneur is one who.......... at a certain price and ............. at an
uncertain price

A. Buys, sells

B. Markets, earns

C. Sells, buys

D. Trades, gains

Q46. Which of the following is not true about entrepreneurs?

A. They challenge the unknown

B. They continuously create the future

C. They see chaos where others see opportunities

D. They are aggressive catalyst for change.

Q47. A group of level 300 students are working actively to establish, for the first time, an enterprise
which was born out of their business concept paper. Which category of entrepreneurs will they constitute?

A. Portfolio entrepreneurs

B. Nascent entrepreneurs

C. Serial entrepreneurs

D. Craft entrepreneurs

Q48. Which of the following best describes Kwame Despite?

A. Portfolio entrepreneur

B. Craft entrepreneur

C. Novice entrepreneur

D. Gambler

Q49. The Entrepreneur process includes all the following except.....

A. Entrepreneur

B. Opportunity

C. Risk

D. Organisation

Q50. The reason why people become entrepreneurs can be classified as all of the following except......

A. Physiological

B. Psychological

C. Situational

D. Sociological

Q51. A collection of resources under the control of the entrepreneur is known as.....

A. Organization
B. Business

C. Firm

D. Small firm

Q52. Which of the following is a non entrepreneur attributes?

A. Values

B. Authoritarian

C. Self-reliance

D. Intelligence

Q53. Akua became an entrepreneur because she did not fit into the main flow of social and economic life.
This statement implies that Akua as influenced by.....

A. Feeling of being between things.

B. Internal locus of control

C. Perception of feasibility

D. Negative displacement

Q54. Which of the following represents the highest level of creative behaviour?

A. Creation

B. Invention

C. Modification

D. Synthesis

Q55. Creative ideas can be protected by.......

A. Creating disclosure agreement

B. Following role models

C. Sharing ideas only with friends

D. Using analogies

Q56. Applying creative ideas to useful application is called.......

A. Creativity

B. Innovation

C. Invention

D. Talent

Q57. Which of the following rules is applicable to focus group discussion?

A. All members must contribute

B. Criticisms are accepted

C. Ensure respect among participants

D. Only capture good ideas.

Q58. Creativity occurs at the intersection of all the following except.......

A. Domain of knowledge

B. Field of specialisation

C. Individual disposition

D. Level of interest

Q59. Opportunities can be created from one of the following forces.

A. Consistencies

B. Experience
C. Knowledge

D. Trends

Q60. Evaluating a business idea to understand its overall appeal to the market is part of.......

A. Financial feasibility analysis

B. Industry feasibility analysis

C. Organisational feasibility analysis

D. Product feasibility analysis

Q61. The ability to create something that has value and is anchored in a product or service that adds value
to the end user is an essential quality of an/a.........

A. Idea

B. Opportunity

C. Product

D. Start up

Q62. An original, functional model of a product that potential customers can see, test and use is called.....

A. Business model

B. Concept

C. Prototype

D. Usable product

Q63. The creation of new products, processes and technologies not previously known to exist is known
as......

A. Creativity

B. Creation

C. Invention
D. Innovation

Q64. Creativity occurs at the intersection of three forces. They are....

I. Individual

II. Social context

III. Feasibility

IV. Domain of knowledge

A. I, II and III

B. I, III and IV

C. I, III and IV

D. I, II and IV

Q65. A mental process involving the generation of new ideas or concepts or new associations between
existing ideas or concepts is referred to as....

A. Creation

B. Creativity

C. Invention

D. Innovation

Q66.......... involves the implementation of a new or significant improved production and delivery
method.

A. Product innovation

B. Process innovation

C. Marketing innovation

D. Business model Innovation

Q67. Which of the following is not a creativity detractor?

A. Being pessimistic, judgmental and critical

B. Maintaining flexible organizational culture

C. Pigeonholing employees

D. Punishing mistakes

Q68…...... involves an open and in depth discussion of ideas led by a facilitator.

A. Brainstorming

B. Focus group discussion

C. Group think

D. Interview

Q69. All the following are true about an idea except......

A. An idea is a mental impression or thought

B. A successful idea is an opportunity

C. An idea is a favourable set of circumstances that creates a need for a new product, service or
business.

D. Not all ideas can be converted into successful businesses.

Q70. Anything that has value and is anchored in a product or service that adds value to the end user or
buyer is known as....

A. Business concept

B. Business idea

C. Business plan

D. Business opportunity

Q71. All the following are components of feasibility analysis except......

A. Financial feasibility

B. Industry/market feasibility

C. Operational feasibility

D. Product/service feasibility

Q72. A portion of a larger market segment that represents a narrower group of customers with similar
interests is known as a/an......

A. Market timeliness

B. Niche market

C. Opportunistic market

D. Business market

Q73. Which of the following is a force that creates opportunity?

A. Capital

B. Calm

C. Confusion

D. Experience

Q74. Which of the following involves showing a preliminary description of a product or service to
prospective customers to gauge their interest, desirability and purchase intent?

A. Concept testing

B. Product/service testing

C. Product/ service usability

D. Usability testing

Q75. Brainstorming is effective when.......

A. Facilitating is under emphasised

B. Repetition of ideas are allowed

C. Repetition of ideas are avoided

D. Some participants contribute in turns

Q76. Innovation can best be defined as......

A. Evolution of ideas

B. Generation of new ideas

C. Opposite of creativity

D. Successful exploitation of new ideas

Q77. Which of the following is not true about creativity?

A. A skill

B. A mental process

C. A talent

D. Involves new ideas and concepts

Q78. Which of the following is involved in developing successful business ideas?

A. Conducting industry analysis

B. Opportunity recognition

C. Market assessment

D. All of the above.

Q79. The process of evaluating the overall appeals of your product to potential customers to determine its
viability is......

A. Feasibility analysis

B. Financial feasibility

C. Industry feasibility
D. Product feasibility

Q80. All the following can be considered when conducting market feasibility analysis except.....

A. Identification of a niche market

B. Industry attractiveness

C. Market timeliness

D. Product feasibility

Q81. Being optimistic, judgmental and critical are creativity detractors.

A. True

B. False

Q82. Chaos, confusion and consistencies are forces that creates opportunity.

A. True

B. False

Q83. Offering tangible rewards to those generating ideas enhance creativity.

A. True

B. False

Q84. Social/ Organizational innovation involves the creation of new organization, business practices and
improving production or delivery methods.

A. True

B. False

Q85. A way of protecting your creative ideas is to use disclosure agreement and seek legal advice in
doing so.
A. True

B. False

Q86. Opportunity is unfavourable set of circumstances that creates a need for a new product, service or
business.

A. True

B. False

Q87. Diversity is a great source of creativity.

A. True

B. False

Q88.......... is the transformation of creative ideas into useful application by combining resources in new
or unusual ways to provide value to society or improved products, technology or services.

A. Creativity

B. Creation

C. Invention

D. Innovation

Q89........ involves an open and in depth discussion of ideas led by a facilitator.

A. Brainstorming

B. Focus group discussion

C. Group think

D. Interview

Q90…........ is anything that has value and is anchored in a product or service that adds value to the end
user or buyer.
A. Business concept

B. Business idea

C. Business plan

D. Opportunity

Q91. A mental process involving the generation of new ideas or concepts or new associations between
existing ideas or concepts is referred to as......

A. Creation

B. Creativity

C. Invention

D. Innovation

Q92. Organisational feasibility ensures that the proposed business has sufficient of the following
except. ....

A. Ability to operate in physical setting.

B. Management expertise

C. Organizational competence

D. Resources to successfully launch its business

Q93. Creativity occurs at the intersection of three forces. Which of these is one of the three forces?

A. Resources

B. Individual

C. Innovation

D. Opportunity

Q94. Perception of feasibility and desirability falls under the ...........approach of reasons why people
become entrepreneurs
A. Physiological

B. Psychological

C. Situational

D. Sociological

Q95. Which of these is creativity detractor?

A. Accommodating behaviours

B. Being optimistic

C. Pigeonholing suppliers

D. Punishing failed ideas

Q96. Administering a questionnaire to measure the interest, desirability and purchase intent of potential
customers is referred to as.......

A. Beta testing

B. Concept testing

C. Product feasibility

D. Trailing

Q97. Which of the following is a force that creates opportunity?

A. Certainty

B. Confusion

C. Dynamism

D. Possibilities

Q98. Brainstorming is effective when. .....

A. Facilitating is under emphasised

B. Repetition of ideas is allowed

C. Some participants contribute in turns

D. There are no criticism

Q99. In a focus group discussion, there is no such thing as a/an........ idea.

A. Bad

B. Good

C. Ideal

D. Interesting

Q100. Introducing new production or delivery method can be termed as......

A. Business model Innovation

B. Organizational innovation

C. Product innovation.

D. Process innovation

Q101. Abena is thinking of starting a mobile money business. The period within which it makes sense for
Abena to realistically enter market is referred to as the......

A. Doorway of opportunity

B. Opportunity entryway

C. Portal of opportunity

D. Window of opportunity

Q102. Which of the following is a quality of an opportunity?

A. Accessibility

B. Adaptability

C. Durability

D. Feasibility
Q103. On way of protecting creative ideas is to........

A. Use disclosure agreement

B. Tell everybody about your idea

C. Rely on referrals

D. Follow your role model.

Q104. The ability to bring something new into existence is called....

A. Creativity

B. Innovation.

C. Invention

D. Talent

Q105. Which of the following is not applicable to brainstorming?

A. All ideas are captured

B. All members must contribute.

C. Criticisms are accepted

D. Facilitator is needed.

Q106. The process of doing new things is called. ....

A. Creativity

B. Innovation

C. Invention

D. Opportunity

Q107. The process of evaluating a business idea to determine its viability is called. .....
A. Feasibility analysis

B. Market feasibility

C. Product feasibility

D. Usability testing

Q108. Creativity occurs at the intersection of all these forces except. ....

A. Domain of knowledge

B. Individual

C. Innovation

D. Social context

Q109. Developing a prototype for potential customers to use in order to measure the product's/service's
ease of use, and perception of usage experience is referred to as....

A. Beta testing/ user test/ field trial

B. Concept testing

C. Product feasibility

D. Trailing

Q110. The creative act of joining two previously unrelated things, for example bringing together the
telephone and the computer is called......

A. Invention

B. Modification

C. Synthesis

D. Creation

Q111. Introducing a new way of doing business can be termed.........

A. Business model Innovation

B. Organizational innovation

C. Product innovation

D. Process innovation

Q112. All ideas can be converted into successful businesses.

A. True

B. False

Q113. A collection of resources under the control of the entrepreneur are known as.........

A. Money

B. Organisation

C. Technology

D. Opportunity

Q114. According to Barringer and Ireland (2008) ... can be defined as a favourable set of circumstances
that creates a need for a new product, service or business.

A. Opportunity

B. Industry trend

C. Invention

D. Creativity

Q115. Which of the following is not a type of innovation?

A. Process innovation

B. Marketing innovation

C. Business model Innovation

D. Industry innovation
Q116. Creative behaviour includes all the following except. .....

A. Synthesis

B. Modification

C. Creation

D. Production

Q117. Assessing a product's ease of use and user experience by offering samples to potential consumers
is called.....

A. Concept testing

B. Usability testing

C. Market testing

D. Standard testing

Q118. An innovative employee of an organisation is called. ....

A. Intraprenuer

B. Entrepreneurs

C. Social commentator

D. Creative person

Q119. Which of the following is a force that creates opportunity in the economy?

A. Changing trends

B. Chaos, confusion, inconsistencies

C. Other vacuum in an industry or market

D. All the above

Q120. The seven year engineering programme has finally come to an end and kofi kakra still holds on to
the burning desire of coming out with a car that can be used on both the land and the sea without any
external GPS support. This mental process connotes that Kofi Kakra is........

A. Innovative

B. Creative

C. Brilliant

D. Curious

Q121. A business arrangement where one partly allows another party to use a business name and sell its
products or services is known as.......

A. Cooperative

B. Franchise

C. Owner manager business

D. Limited company

Q122. Partnership is registered under......

A. Incorporated private partnerships act, 1962 (Act 152)

B. Companies act, 2019 (Act 992)

C. Incorporated partnerships private act, 1962 (Act 152)

D. Incorporated private partnerships act, 1972 (Act 152)

Q123. One of the disadvantages of a franchise business for a franchisee is........

A. Franchise businesses typically have a high failure rate.

B. Lack of independence

C. Lack of brand identity

D. Training is not normally provided by a franchisor.

Q124. One of these is an advantage of a company as a form of business ownership.

A. Easy to set up

B. Enjoy economies of scale.

C. Division of labour is seldom realised.

D. Quick decision making

Q125. In the provisions of the New Companies Act 2019 (Act 992), Public Companies Unlimited by
shares will now use the abbreviation......

A. LBG

B. LTD

C. PLC

D. PUC

Q126. Kwame is a partner in a recently established electronic company. He contributed about 80% of the
capital invested into the business but does not take part in the day to day running of the organisation.
Kwame is a/an............... partner.

A. Active

B. Dormant

C. General

D. Limited

Q127. In the provisions of the New Companies Act 2019 (Act 992), Public Companies Limited by shares
will now use the abbreviation.........

A. LBG

B. LTD

C. PLC

D. PUC
Q128. Elsie is a partner in a recently established clothing business. She contributed about 80% of the
capital invested into the business and participate in the day to day running of the organisation. Elsie is
a/an........... partner.

A. Active

B. General

C. Limited

D. Sleeping

Q129. An alternative to starting a business from scratch for an individual is called.....

A. Family business

B. Franchising

C. Joint venturing

D. Trademarking

Q129. Which one of the following would not be considered an advantage to a partnership formation?

A. Potential for double taxation

B. Less governmental control

C. Ease of formation

D. Division of labour and management responsibilities

Q130. Which of the following is not an advantage of Sole proprietorship?

A. Simple to create

B. Easy to discontinue

C. Profit incentive

D. High risk bearing

Q131. Among the factors that entrepreneurs consider before they decide on the kind of ownership (form
of legal entity) their businesses take include all these expect..........

A. The cost of setting up and maintaining the legal form

B. The extent to which an entrepreneur can shield personal assets from liabilities of the business

C. Time for launching the business and type of industry to go into

D. The number and types of investors the enterprenuer want to attract.

Q132. Which of these advantages is mostly associated with sole proprietorship?

A. No special legal restrictions

B. Divisions of profits

C. Ability to attract limited partners

D. Potential for personality and authority conflicts.

Q133. A firm cannot carry on business as partnership unless it is registered under.....

A. Act, 2002 (Act 612)

B. Act, 2003 (Act 662)

C. Act, 1963 (Act 179)

D. Act, 1962 (Act 152)

Q134. Which of these is a disadvantage that goes against franchisee under franchising arrangement?

A. Training and support

B. National advertising

C. Restricted freedom over purchasing and product lines

D. Small shareholders may have little voice in the firm

Q135. A system of distribution in which legally independent business owners pay fees and royalties to a
parent company in return for their right is........
A. Franchising

B. Licensing

C. Corporation

D. Privatisation

Q136. Transformational entrepreneurship basically means………………

A. Transforming your life into a luxurious one

B. Remodelling a business idea and making it your own

C. Having foresight for a country

D. Business renewal.

Q137. A form of entrepreneurship that has the tendency of growth is known as the

A. Subsistence Entrepreneurship

B. Social Entrepreneurship

C. High-growth entrepreneurship

D. Scalable start - up business entrepreneurship

Q138. As an entrepreneur, you have to guarantee the concept of your idea

A. True

B. False

Q139. The entrepreneurship process is

A. Entrepreneurship Mindset, Opportunity, Idea, Resources and Organization.

B. Entrepreneurship Mindset, Idea, Opportunity, Resources and Organization

C. Opportunity, Mindset, Resources, Idea and Organization

D. Idea, Mindset, Resources, Opportunity, Organization.

Q140. Providing autonomy and copyrighting of ideas are both ways of managing style and creativity

A. True

B. False

Q141. Below are the list of brainstorming ideas except

A. No criticism

B. Encouraging risk taking

C. All ideas are captured

D. No repetition of ideas

Q142. The modernization of an existing concept is referred to as…………

A. Creativity

B. Innovation

C. Brainstorming

D. Invention

Q143. Relying on referrals is a technique for protecting creative idea.

A. True

B. False

Q144. Creative behaviours include

A. Creation

B. Synthesis
C. Modifications

D. All of the above

Q145. Brainstorming requires the following except

A. No criticism

B. Record of all ideas

C. A facilitator

D. Repetition of ideas

Q146. For focus group discussion, between 8 and 14 people can be ideal

A. True

B. False

Q147. In securing ideas, do the following except

A. Doing background checks of entities, you want to partner

B. Overlooking legal service because it is expensive and not necessary at the infantile stage of
business

C. Using non-disclosure agreements

D. Using copyright.

Q148. Being dependent is a core attribute of an entrepreneur

A. True

B. False

Q149. The entrepreneurial process is made up of the following except

A. Opportunity
B. Resources

C. Entrepreneur

D. All of the above

Q150. Entrepreneurs are not necessarily motivated by profit

A. True.

B. False

Q151. Some desirable attributes of an entrepreneur include the following except …

A. Intelligence.

B. Creativity

C. Determination

D. Values

Q152. The classification of entrepreneurs who scan for new opportunities and quit previous businesses
before venturing into a new business is known as………entrepreneurs

A. Novice

B. Serial

C. Serial

D. Portfolio

Q153. Aggressive catalysts for change within the market place are known as ……

A. Portfolio

B. Entrepreneurs

C. Opportunist.

C. None of the above

Q154. One function of an entrepreneur is………opportunities

A. Scanning

B. Macho

C. Impulsive

D. None of the above

Q155. The sociological approach to becoming an entrepreneur is to have a positive pull from family and
friends

A. True.

B. False

Q156. The role of entrepreneurship in economic development includes the following except

A. New venture creation

B. Creation of jobs through entrepreneurial action

C. Tax to the government

D. Commercialization of new invention

Q157. People who have different ideas about what “entrepreneurship” and the “entrepreneur” include

A. Doctors

B. Sociologists

C. Pathologists

D. Surgeons

Q158. Entrepreneurship is more than the mere creation of business.

A. True.

B. False
Q159. The viability of a business idea is determined through the evaluation of….

A. Product Feasibility

B. Concept Testing

C. Feasibility Analysis

D. Usability Testing

Q160. To develop a successful Business idea, one has to recognize opportunity, make a feasibility
analysis, and ………

A. Develop a business model, write a plan, and conduct an industry analysis

B. Conduct industry analysis, develop a business model, and write a business plan

C. Write a business plan, conduct industry analysis and develop a business model

D. None of the above

Q161. Which of the following helps determine if an opportunity is worth pursuing?

A. Feasibility Analysis

B. Concept Testing

C. Usability Testing

D. All of the above

Q162. Concept testing is also known as a Beta test

A. True

B. False

Q163. This is NOT an issue to consider in industry attractiveness

A. Opportunities

B. Gains/interest
C. Maturity

D. Threat

Q164. What involves Gauging the timeliness of a product/ service offered

A. Industry attractiveness

B. Market niche

C. Market timeliness

D. Market feasibility analysis

Q165. Initial Capital requirement is one of the evaluations and estimations of financial feasibility

A. True

B. False

Q166………. …. Is a portion of larger market segments that represent a narrower group of customers
with similar interest?

A. Investment

B. Brand image

C. Market power

D. Niche market

Q167. Total start - up capital needed is the same as cash needed to make the first sale

A. True

B. False

Q168. All ideas can be converted into successful businesses

A. True

B. False
Q169. The following involves the forms of entrepreneurship except

A. Transformational entrepreneurship

B. Small business entrepreneurship

C. Social entrepreneurship

D. Development entrepreneurship

Q170. Sources of business ideas include

A. Education

B. Economy

C. Networking

D. All the above.

Q171. A niche market must be small to support the proposed business

A. True

B. False

Q172. The original, functional model of the product that potential customers can see, test and use can be
termed as

A. Desirability

B. Niche market

C. Prototype

D. None of the above

Q173. Entrepreneurs can be classified as

A. Natural

B. Nascent

C. Nasty
D. All the above

Q174. Entrepreneur is coined from the word

A. Enterpredre

B. Enterprendre

C. Entreprendre

D. None of the above

Q175............... Is the first to use the word entrepreneur in a commercial sense

A. Adam Smith

B. Richard Cantillon

C. Aristotle

D. Hisrich

Q176. Stated are drawbacks of entrepreneurship except

A. Uncertainty of income

B. Discouragement

C. Reaping impressive profits

D. None of the above

Q177. “When all think alike, then no one is thinking” was said by

A. Harvey Firestone

B. Richard Cantillon

C. Walter Lippmann

D. Adam Smith
Q178. All the following are sources of business ideas except

A. Customers

B. Corporations

C. Capital

D. Networking

Q179. Opportunities are created using ideas and ……….

A. Creative skills

B. Techniques

C. Entrepreneurial creativity

D. Research

Q180. All the following can be used to refer to usability testing except……….

A. Beta test

B. Field trial

C. User test

D. Perception test

Q181. Developing successful business ideas include……

A. Writing a business plan

B. Opportunity recognition

C. Developing a business model

D. All of the above

Q182. Who defined “Entrepreneur” as buying at a certain price and sells at an uncertain price?

A. Adam Smith
B. Richard Cantillon

C. Hisrich

D. William Henry Bill Gate

Q183……………..is the characteristics of an individual that causes consistent patterns in that

individual’s behaviour overtime.

A. Entrepreneurial Personality

B. Entrepreneur

C. Entrepreneurship

D. Craft Entrepreneur

Q184. There are five (5) types of Innovation

A. True

B. False

Q185………Involves showing a preliminary description of the product/service, to prospective customers

to gauge their interest, desirability, and purchase intent.

A. Product Feasibility

B. Feasibility Analysis

C. Market Timeless

D. Concept Testing

Q186. An entrepreneur is a person who sets up a business or businesses, taking on financial risks in the
hope of profit.

A. True

B. False
Q187. Creativity is the ability to bring something that is already in existence.

A. True

B. False

Q188. One of these is the reason for feasibility analysis.

A. It helps determine if an opportunity is worth pursuing.

B. It helps us get the product right for the first time.

C. It helps us use our capital efficiently

D. It helps us use our time correctly.

Q189. Who is the CEO of the Antrak group of companies?

A. Aliko Dangote

B. Zuckerberg

C. Dr. Alhaji Banda

D. Kwame Despite

Q190. Entrepreneurship is an integrated concept that permeates an individual’s business in an innovative

manner

A. True

B. False

Q191. One of these is the reason people become entrepreneurs.

A. Psychological approach

B. Trait

C. Configuration

D. Poverty
Q192. Entrepreneurship is more than the mere creation of business

A. True

B. False

Q193. The following are sources of business ideas except

A. customers

B. competitors

C. culture

D. corporation

Q194. The following are used to develop a successful business idea except

A. Develop a business model

B. Technological analysis

C. Write a business plan

D. Conduct industry analysis

Q195. Which of the following is a desirable entrepreneurial attribute?

A. Invulnerability

B. Perfectionist

C. Impulsiveness

D. Intelligence

Q196. A collection of resources under the control of the entrepreneur are known as a?

A. Money

B. Organisation
C. Technology

D. Opportunity

Q197. Which of these functions relate to opportunity?

A. Analysing, Directing, Scanning

B. Analysing, Focusing, Scanning

C. Attracting, Leading, Analysing

D. Scanning, Identifying, Analysing

Q198. In a focus group discussion, there is no such as a/an …….idea?

A. Bad

B. Good

C. Ideal

D. Interesting

Q199. An organization that is focused on executing a repeatable and scalable business model can be
considered a…… enterprise

A. Large/ Small

B. Start- up

C. Transformational

D. Transactional

Q200. Which of the following is a drawback of Entrepreneurship?

A. Discouragement

B. Money

C. Organisation

D. None of the above

Q201. Which of the following is a form of Entrepreneurship?

A. Invulnerability

B. Perfectionist

C. Social entrepreneur

D. Social intelligence

Q202. Understanding financial statements is a way of avoiding the pitfalls of small business failure?

A. True

B. False

Q203. A creativity technique used by groups to generate a large number of ideas for solving a problem is
termed_ brainstorming____

Q204. Entrepreneurs function as the following except

A. Managing

B. Supporting

C. Leading

D. Focusing

Q205. All these are great entrepreneurs in Africa except

A. Jeff Bezos

B. Aliko Dangote

C. Alhaji Asuma Banda

D. Grace Amey- Obeng

Q206. Which entrepreneur said this,'' In London, I was a taxi driver, in America, I was a plate washer. I
nearly killed my dreams to be a street sweeper".

A. Kwame Despite

B. Agya Koo

C. Samini

D. Kennedy Agyapong

Q207. Entrepreneurship is about......

A. Seeking opportunities

B. Taking risks beyond security

C. Having the tenacity to push an idea through to reality

D. All the above

Q208. An entrepreneur must have the following traits except

A. Commitment

B. Leadership

C. Procrastination

D. Hardworking

Q209. A person who takes a risk to set up a business with the aim of gaining profit is known as ….

A. Manager

B. Entrepreneur

C. Leader

D. Sole proprietor

Q210. According to Joseph Schumpeter, entrepreneurs are motivated by profits

A. True
B. False

Q211. The entrepreneurial processes are of how many steps.

A. 5

B. 7

C. 2

D.4

Q212. Entrepreneurs recognize opportunities where there is chaos for their establishment….

A. True.

B. False

Q213. High need for achievement is a sociological approach to entrepreneurship…

A. True

B. False

Q214………………use their skills to start and run their business or venture out.

A. Skilled Labourers

B. Craft entrepreneurs

C. Businessmen

D. Opportunists

Q215. A Nascent owns an equity stake in a new, purchased, or inherited an independent business

A. True

B. False
Q216. The gap in a market that might be exploited to create a new value is___________

A. Organization

B. Resources

C. Goods and Services

D. None of the above

Q217. The characteristics of an individual that cause consistent patterns in that individual's behaviour
overtime is called______________

A. Entrepreneurship

B. Entrepreneurial behaviour

C. Social structure

D. Entrepreneurial personality

Q218. The sociological approach to entrepreneurship includes except.

A. Negative displacement

B. Risk-taking propensity

C. Positive pull from relatives and friends

D. Positive push

Q219. Which of the following is an essential quality of an opportunity of an organization?

A. Accessibility

B. Durability

C. Liquidity

D. Portability

Q220. Which of the following is NOT a criterion for segmenting the markets?

A. Behavioural
B. Geographic

C. Psychographic

D. Turnover

Q221. Which of the following is a force that creates opportunity in the economy?

A. Changing trends

B. Chaos, confusion, inconsistencies

C. Other vacuum in an industry or market

D. All of the above

Q223. Which of the following is a drawback of entrepreneurship?

A. Long hours of hard work

B. High levels of stress

C. Discouragement

D. Certainty of income

Q224. All the following must be considered in order to avoid business failure except

A. Developing a solid business plan

B. Managing financial resources

C. Maintaining a positive attitude

D. Long hours of hard work

Q225. Identify the benefit of entrepreneurship from the following

A. Reap impressive profits

B. Societal competition

C. Retardation of progress
D. High cost of living

Q226. All the following entail entrepreneurship excerpt

A. Seeking opportunities

B. Taking risk beyond security

C. Having the tenacity to push an idea through

D. Acquiring a capital

Q227. Which of the following is a form of entrepreneurship

A. Corporate Entrepreneurship

B. One-man Entrepreneurship

C. Partnership Entrepreneurship

D. Private Entrepreneurship

Q228. "It's easy to come up with new ideas; the hard part is letting go of what worked for your two years
ago but still will soon be out of date." Who said this?

A. Bill Gates

B. Mark Zuckerberg

C. Roch Von Oech

D. Aristotle

Q229. The ability to bring something new into existence is called__________

A. Invention

B. Renovation

C. Innovation

D. Creativity
Q230. Using analogies to present your idea is not a way of protecting creative ideas.

A. True

B. False

Q231. Sources of business ideas include

A. Franchises

B. Competitors

C. Existing businesses

D. All of the above

Q232. Which of this is a component of Feasibility Analysis??

A. Opportunity recognition

B. Writing a business plan

C. Attractive

D. Concept testing

Q233. The process of determining whether a proposed business has sufficient management expertise and
resources to ground the business is known as

A. Identifying market niche

B. Organisational Feasibility analysis

C. Market timeliness

Q234. The following are drawbacks of entrepreneurship except

A. Discouragement

B. Long hours of hard work

C. Reach your full potential

D. Complete responsibility
Q235. To avoid the pitfalls of a business failure, one has to do all the following except

A. Do what he enjoys and to have fun

B. Maintain a positive attitude

C. Learn to manage people effectively

D. Understand financial statements

Q236. The following are form of entrepreneurship except

A. Large company entrepreneurship

B. Traditional Business entrepreneurship

C. Social entrepreneurship

D. Small businesses entrepreneurship

Q237. One of the following is a purpose of a business plan.

A. A call to action

B. A facilitator of synthesis

C. A tool for modification

D. An instigator of new ideas

Q238. Which of these is a type of business plan?

A. Feasibility business plan

B. Operational business plan

C. Physical business plan

D. strategic business plan

Q239. A group of founders, key employees and advisors that move a new venture from the idea stage to a
fully functioning firm is……………

A. new venture people

B. new venture group

C. new venture traits

D. new venture team

Q240. Team is a small number of people with complementary skills, who work together and are
committed to similar interest, for which they frequently interact.

A. False

B. True

Q241. Founders should be aware of their limitations and work hard to bring on board those who have
similar skills same as the founders’.

A. True

B. False

Q242. Diversity is a great source of creativity.

A. True

B. False

Q243. Which of the following describes how a business creates, delivers and captures value?

A. Business concept

B. Business model

C. Business plan

D. Executive summary

Q244…………… is a written narrative that describes what a new business intends to accomplish and
how it intends to accomplish it.

A. Business concept paper

B Business model canvas

C. Business plan

D. Business document

Q245. The business plan reveals the business ability to:

i. create or add significant value to a customer or end user

ii. have a robust market, margin and moneymaking characteristics

iii. solve a significant problem or meet a significant want or need for which someone will pay a premiuim

A. I, II and III
B. I and II
C. I and III
D. III only

Q246. The type of business plan usually prepared for the use by internal stakeholders is referred to as
a/an……………….business plan.

A. full

B. operational

C. strategic

D. summary

Q247. A cohesive team is on where members are……………..willing to work with one another and
commit to achieving the purpose for which the team was formed.

A. equally

B. less

C. more

D. somewhat

Q248. Evaluation of talents constitutes the………………stage in the team formation process.

A. first
B. second

C. fourth

D. third

Q249. A conventional business plan should usually comprise one of the following.

A. Cost structure

B. Good Argument

C. Grand vision

D. Compelling mission

Q250. Individuals with similar interest who interact frequently but are not mutually accountable to each
other is known as……………..

A. group

B. network

C. peer group

D. team

Q251. The team formation process should involve:

i. Definition of values, goals and commitment

ii. Definition of roles

iii. Evaluation of talents, experience and the required personal characteristics

Which of the following depicts the correct order in which the above listed activities should take place?

A. II, I and III

B. III, I and II
C. I, II and III
D. II, III and I
Q252. The type of business plan usually prepared by entrepreneurs to solicit for funds that will enable a
detailed feasibility study of their business concept is referred to as a/an……………business plan.

A. full

B. operational

C. strategic

D. summary

Q253. The more………………..a team, the more willing the team members are to work with one another
and commit to achieving the purpose for which the team was formed.

A. cohesive

B. cooperative

C. coordinated

D. tolerant

Q254. How big an opportunity is, depends on a number of factors including…………..

A. ability to attract key stakeholders

B. market interest rate

C. maturity level of product/service offering

D. sustaining demand

Q255. The storming stage in team development is……………….

A. a stage where members see themselves as individuals rather than as part of the team.

B. a stage where members work in an open and trusting environment

C. the most important stage in the team development process

D. the third stage in team development

Q256. Traditionally, team work required that members physically worked together. In situations where
this is not possible, teams can take advantage of technology to become……………teams.
A. information technology communication

B. modern

C. sophisticated

D. virtual

Q257. In organising a team, it is important that potential members are selected based on talents,
experience and personal characteristics. This is important because the team members should eventually
have…………..skills.

A. complementary

B. extraordinary

C. similar

D. unique

Q258. A stage in team development where members are usually antagonistic to each other because their
skills have not come to terms with their different personality traits is the………………stage.

A. norming

B. performing

C. adjourning

D. storming

Q259. All the following factors determine the success of a team except…………..

A. the support of peer groups

B. properly defined roles

C. clearly determined goals

D. strong individual character

Q260. Of the following, which one is not considered a key component of a business plan?
A. Sources of funding

B. Market trend analysis

C. Methods for dissolution of the organization

D. Description of products or service

Q261. A group of founders, key employees and advisors that move a new venture from the idea stage to a
fully functioning firm is called……….

A. business plan team

B. entrepreneurial team

C. team formation

D. venture team

Q262. At which level of team development do members start to communicate their feelings but still view
themselves as individuals rather than part of the team?

A. Adjourning

B. Forming

C. Storming

D. Norming

Q263. Which is the third step that entrepreneurs use to develop successful business ideas?

A. Opportunity recognition

B. Writing a business plan

C. Conducting industry analysis

D. Market assessment/feasibility analysis

Q264. Even though project members of Barclays Bank Limited are located in different countries from
different continents, they are able to get connected through video conferencing to deliberate on project
issues. These members constitute……………

A. verbal team

B. sounding team

C. virtual team

D. media team

Q265. Which of these is NOT attributable to diversity characteristics on teams?

A. Produce more innovative solutions to problems

B. Source of creativity

C. Contribute to a healthy level of conflict that leads to decision making

D. Role conflicts and role ambiguity

Q266. All the following are processes to begin with in forming a team except

A. Evaluation of talents

B. Experience

C. Personal characteristics that is required for the new venture's operation

D. All of the above

Q267. The type of business plan usually prepared for use by internal stakeholders is referred to as
a/an ............. enterprise.

A. full

B. operational

C. strategic

D. summary
Q268. A business model is the enterprise's strategic and financial projections.

A. True

B. False

Q269. Team is a small number of people with complementary skills, who work together and are
committed to similar interests, for which the frequently interact.

A. True

B. False

Q270. Many entrepreneurs create a…MASTER…..business plan that is wide in scope and detailed.

Q271. Which of the following is a purpose of s business plan?

A. A call to action

B. A facilitator of projects

C. An instigator of idea

D. A tool for modification

Q272. Individuals who have regular contact and frequent interaction and have similar interests and goals
are known as………….

A. Group

B. Network

C. Peer group

D. Team

Q273. Teams should be well anchored in terms of the following except........

A. Commitment
B. Goals

C. Values

D. Talent

Q274. A business owned and managed by one individual is known as........

A. Partnership

B. Sole proprietorship

C. Company

D. Joint ventures

Q275. Working with a team could mean giving up some.........

A. Money

B. Control

C. Values

D. Commitment

Q276. The following are advantages of franchising except......

A. Training and support

B. Buyer power

C. Market saturation

D. National advertising

Q277. The types of business plan includes the following except........

A. Summary business plan

B. Half business plan

C. Operational business plan

D. Full business plan

Q278................ develops a business plan.

A. Employees

B. Entrepreneurs

C. Market women

D. Customers

Q279. Which of these is not a legal form of business?

A. Sole proprietorship

B. Partnership

C. Limited

D. Company

Q280. There are three types of partners

A. True

B. False

Q281. Team development process has seven stages

A. True

B. False

Q282. All the following are examples of tradable resources except

A. Brands

B. Operating procedures

C. Patented innovations
D. Unique technologies

Q283. A manager should develop a __________in case the original plan fails

A. Tactical plan

B. Strategic plan

C. Contingency plan

D. Organizational plan

Q284. All these are purposes of a business plan except

A. Evaluation

B. Analysis

C. Action

D. Communication

Q285. The process of forming a team should begin with _______

A. Experience

B. Personal characteristics

C. Evaluation of talents

D. Skills improvement

Q286. A master plan is not static

A. True

B. False
Q287. Productive labour, technical expertise and overdraft facilities constitute human resources

A. True

B. False

Q288. Working with a team could mean giving up some control

A. True

B. False

Q289. In writing a business plan, an entrepreneur must look out for all the following except

A. Availability of resources

B. Structure of the plan

C. Clear & concise content

D. Style and format

Q290. The team development process have the view that, they can achieve anything if they accept
everyone's opinion as____

A. Storming

B. Norming

C. Foaming

D. Performing

Q291. All these are determinants of team cohesiveness except

A. Member differences

B. Group size

C. Team interaction

D. Shared goals
Q292. A legal form of business where two or more persons co-ownership and jointly manage by two or
more people is known as partnership_____

Q293. Which of the following is a type of business partners?

A. Legal partner

B. Established partner

C. Sleeping partner

D. Wealthy partner

Q294. A written narrative that describes what a new business intends to accomplish is termed as
___business plan___

Q295. A business arrangement where a party grants another party the right to use its trademark as well as
its business Model to produce and market a good or service according to certain specification is known as
_______

A. Shareholders

B. Franchising

C. Joint ventures

D. Partnerships

Q296. A business plan is a written narrative typically………….to…………… pages long

A. 30 to 38

B. 26 to 31

C. 25 to 35

D. 23 to 30

Q297. All these are advantages of partnership except……………………………….

A. Economies of scale.
B. Accounts are less private

C. Easy to discontinue

D. None of the above

Q298. At this stage, flexibility is the key and hierarchy is of little importance

A. Performing.

B. Conforming.

C. Informing

D. Norming

Q299. Which of the following would not be considered an advantage to a partnership formation?

A. Potential for double taxation

B. Less government control

C. Base of formation

D. Division of labour and management

Q300. The following are stages of team development except _______

A. Storming.

B. Forming.

C. Cohesiveness

D. Performing

Q301. An association of two or more people who co-own a business for the purpose of making profit is
……………………………………….

A. Sole proprietorship
B. Limited Liability Company

C. Partnership.

D. Joint venture

Q302. All the following constitute organizational resources except…

A. Technological secrets

B. Firm’s structure

C. Reporting systems

D. Formal and informal planning

Q303. Which of these is not an advantage of a company?

A. Economies of scale

B. More capital

C. Lack of continuity

D. Limited liability

Q304. Which of these is NOT an alternative to starting a business from scratch?

A. Buying existing businesses

B. Franchising

C. Inheriting existing business

D. Active partner

Q305. Which of these is NOT an advantage of sole proprietorship?

A. Simple to create.

B. Feeling of isolation

C. Easy to discontinue
D. Total decision making

Q306. Who develops a business plan?

A. The professional

B. The entrepreneur

C. The marketer

D. The investor

Q307. Partnership is registered under ………

A. Incorporated private partnerships Act, 1962 (Act 152)

B. Companies act, 2019 (Act 992)

C. Incorporated Partnerships private Act, 1962 (Act 152)

D. Incorporated private partnership Act, 1972 (Act 152)

Q308. One of the disadvantages of a franchise business for a franchisee is

A. Franchise businesses typically have a high failure rate

B. Lack of independence

C. Lack of brand identity

D. Training is not normally provided by the franchisor

Q309. Technological resources is anything useful ……..of the venture

A. Embodied in the process, system or physical transformation

B. Enbridge in the creature

C. Testing the technologies

D. None of the above

Q310. A 25 to 35 pages long written narrative that describes what a new business intends to accomplish
and how it intends to accomplish it is known as a............

A. Summary business plan

B. Business plan

C. Full business plan

D. Operational business plan

Q311. Pick the odd one out

A. Summary business plan

B. Operational business plan

C. Long term business plan

D. Full business plan

Q312...................are individuals who have complementary skills that work closely together toward a
common objective or specific task and accountable to one another.

A. Group

B. Community

C. Team

D. Association

Q313. A new venture team include the following except.......

A. Founders

B. Employee

C. Employer

D. Advisors
Q314. In a team development process, at what stage so members start to communicate their feelings but
still view them as individuals rather than part of the team.

A. Forming

B. Storming

C. Norming

D. Performing

Q315. Which of the following is a type of partnership?

A. Sleeping or dormant partner

B. Sole proprietorship

C. Legal partner

D. Partner

Q316. Which is of the following is a purpose of a business plan?

A. A tool for modification

B. A call to focus

C. An instigator for new ideas

D. A facilitator of synthesis

Q317. ………. Is a form of strategy for managing resources where entrepreneurs seek maximum
efficiency?

A. Bootstrapping strategy

B. Other people’s resources

C. Resource managing strategy

D. All of the above

Q318. Summary business plan is not a type of business plan

A. True

B. False

Q319. Human Resources are……….

A. The people who clean the workplace

B. The people who make up the workforce

C. The people who draw a business plan

D. The people who employ workers

Q320. Team development process involves the following except…..

A. Forming

B. Performing

C. Creating

D. Adjourning

Q321. Which of the following is not a factor to consider for the decision on the ownership of a new firm?

A. Tax consideration

B. Money laundering

C. Number and types of investors

D. Cost of setting up and maintaining the legal form.

Q322….……… is a corporate structure whereby the members of the company cannot be held personally
liable for the company’s debts or liabilities.

A. Partnership

B. Company
C. Sole proprietorship

D. Finance

Q323. A disadvantage of a sole proprietorship business is

A. Unlimited personality liability

B. No special legal restriction

C. Difficulty in disposing of interest

D. Norming

Q324. Sleeping partner is nothing but a type of partner in business partnership.

A. True

B. False

Q325. A business agreement in which two or more parties agree to pool their resources for the purpose of
accomplishing a specific task is

A. Joint Indentures

B. Joint Ventures

C. Joint adventures

D. Joint Inceptors

Q326. The following are alternatives to starting business from scratch except

A. Buying existing businesses

B. Franchising

C. Inheriting existing businesses

D. Adjourning

Q327. The ideal size for a team is thought to be……

A. 11

B. 17

C. 7

D. 14

Q328. Management and decision making is the responsibility of only one party or firm in joint ventures.

A. False

B. True

Q329. Select the appropriate team development process

A. Forming, Storming, Mourning, Performing, Adjourning

B. Storming, Forming, Norming, Performing, Adjourning

C. Forming, Storming, Norming, Performing, Adjourning

D. Mourning, Forming, Performing, Adjourning, Storming

Q330. Building a business out of very little by relying on personal assets, savings and opportunities
available instead of relying on loans is called……..

A. Bootstrapping strategy

B. Partial strategy

C. General strategy

D. Active strategy

Q331. The following are all technological resources except………

A. Labs

B. R & D facilities

C. Proprietary processes

D. Bootstrapping
 Q332. ………………… is a partner that contributes capital and does not take part in the day to day
management of the business.

A. Sleeping/ dormant

B. Active

C. General

D. Partial

Q333. In establishing a company the following are necessary except……………

A. Registration

B. Articles of incorporation

C. Shareholders elect directors

D. Incentives

Q334. Which of the following is an advantage of sole proprietorship?

A. Simple to create

B. Feelings of isolation

C. Limited access to capital

D. Unlimited personal liability

Q335. A …………………… partner takes full responsibility of the financial debts in the event of
bankruptcy. A. General

B. Active

C. Sleeping

D. Partial
Q336. Which of the following best explains a company as a legal form of business ownership? It is
…………………………..

A. Owned and managed by one individual

B. Co-ownership by two or more people

C. A legal entity that exists independent of its owners

D. Owned and managed by five people

Q337. All the following are disadvantages of a sole proprietorship business except

A. It's simple and easy to create.

B. Limited access to capital

C. Lack of continuity of busy

D. Limited skills and abilities

Q338. ............consists of geographically or organizationally dispersed members linked via technology

A. Virtual team

B. New venture team

C. Forming team

D. Team interaction

Q339. The determinants of team cohesiveness includes

A. Independence

B. Shared goals

C. Uncommon aims

D. Class

Q340. Teams acquaint and form ground rules at the

A. Storming stage
B. Forming stage

C. Performing stage

D. Norming stage

Q341. The following are readers of business plans except...........................

A. Manufacturers

B. Employees

C. Investors

D. Potential customers

Q342. Cover page and……………………..are the format for summary business plan.

A. Table of contents

B. Summary

C. Paragraph

D. Questions

Q343. Diversity and ......are characteristics of teams.

A. Hard work

B. Peace

C. Size

D. Passion

Q344. A……………………… is a legal entity that exists independent of its owners.

A. Corporation

B. Partnership

C. Company

D. Sole proprietorship
Q345. A person who contributes capital and does not take part in the day to day management of the
business is a…………….......

A. Active partner

B. Non-active partner

C. General partner

D. Dormant partner

Q346. A………………. is anything entrepreneurs or their supporters use in pursuing their venture.

A. Resource

B. Capital

C. Idea

D. Mission statement

Q347. …………… is how an organization creates, delivers and captures value

A. Business model

B. Channels

C. Value proposition

D. None of the above

Q348. A business plan is an enterprise's strategy and financial projections.

A. True

B. False

Q349. One of the following has complementary skills. What is it?

A. Group

B. Team

C. Class

D. Grade

Q350. All the following are determinants of team cohesiveness except

A. Age

B. Shared goals

C. Stage of the group

D. Member similarity

Q351. A business plan is 20 to 30 pages long

A. True

B. False

Q352. It is advisable for entrepreneurs to hire an outside professional to develop a business plan

A. True

B. False

Q353. Operational business plan is mainly for

A. customers

B. investors

C. internal audience

D. none of the above

Q354. A team has similar interest while a group is committed to a common purpose
A. True

B. False

Q355. Large group is thought to be

A. 12 or more

B. 10 or more

C. 13 or more

D. 20 or more

Q356. Forms of business ownership include all these except

A. Sole proprietorship

B. Partnership

C. Incorporation

D. Company

Q357. These are all traits of teamwork except

A. Togetherness

B. Complementary skills

C. More achievements

D. Unhealthy conflicts

Q358. A business plan needs to be feasible.

A. True

B. False?
Q359. The extent to which team members are attracted to the team and motivated to remain in it is team
cohesiveness............................................

Q360. Teams have regular contact, similar interests and frequent interactions

A True

B. False

Q361. Introducing a new way of doing business can be termed as business model innovation

Q362. The strategy in resource management that emphasizes efficiency by building a business out of
very little is………………

A. Bootstrapping

B. Levelling

C. Minimization

D. out sourcing

Q363. Teams do not come together at once, they are built as the new firm can afford to hire new
personnel A. True

B. False

Q364. One of these is a characteristic of a team.

A. Regular contact

B. Similar interest

C. Frequent interaction

D. Complementary skills.
Q365. There are four steps in outlining a business plan.

A. True

B. False

Q366. What's the ideal size for a team?

A. 10

B. 5

C. 7

D. 9

Q367. A business plan is written narrative typically 25 to 35 pages long.

A. True

B. False

Q368. A new venture team is a group of founders, key employees and advisors that move a new venture
the idea stage to a fully.........

A. matured stage

B. functioning firm

C. established firm

D. developed enterprise

Q369. The team development process consist of five (5) processes which are forming, storming, norming,
performing and........

A. Celebrating

B. Adjourning

C. Scoring

D. Winning
Q370. There are two types of business plan namely summary and full business plan

A. True

B. False

Q371. The purpose of a business plan serves four basic purposes, which are communication, analysis,
synthesis and.....

A. Action

B. Attention

C. Attraction

D. Argument

Q372. There are five (5) types of business plans

A. True

B. False

Q373. A team is individuals who have complementary skills that works closely together toward a
common objective or a specific task, and are accountable to one another.

A. True

B. False

Q374. One of these is a type of business plan

A. Strategic business plan

B. Physical business plan

C. Feasibility business plan

D. Operational business plan

Q375. A stage in team development process where members work in an open and trusting environment
with little regards for hierarchy is referred to as...

A. Storming

B. Norming

C. Forming

D. Performing

Q376……………….. ........is not a type of business plan

A. Summary business plan

B. Organizational business plan

C. Operational business plan

D. Full business plan

Q377. The following are part of new venture team except............

A. Advisors

B. Founders

C. Employees

D. Partners

Q378. A brief plan usually be experienced entrepreneurs asking for funds to conduct analysis in order to
write a full business plan is

A. Full business plan

B. Complete business plan

C. Summary business plan

D. experienced business plan

Q379. A business plan for high potential venture reveals the business ability to………….except

A. create or add significant value to customer or end user

B. solve a significant problem

C. Grow in 5 years to come

D. meet a significant want or need for which someone will pay a premium.

Q380. Virtual team consist of geographical or Organizational dispersed members linked via technology

A. True

B. False

Q381. A team is a small number of people with the following except________

A. complementary skills

B. who work together and are committed to a common purpose

C. frequent interaction

D. hold themselves mutually accountable

Q382. Which is not a determinant for team cohesiveness?

A. Degree of independency

B. Group size

C. Shared goals

D. Team interaction

Q383. Which of the following is a determinant of team cohesiveness?

A. Dispersed members

B. Degree of dependency

C. Formation hook
D. Complementary skills

Q384. To have an effective team plays one must be

A. Be aware of their limitations

B. Should be mutually accountable

C. Give up some control

D. Developing a business model

Q385. The employee develops the business plan.

A. True

B. False

Q386. The following are types of business plan except...

A. Full business plan

B. Summary business plan

C. Evaluation business plan

D. Operational business plan

Q387. A business model is the enterprise’s strategy and financial projections.

A. True

B. False

Q388. What is a partnership?

A. Business owned by shareholders

B. One person trading alone

C. Two or more individuals trading together

D. A business that has limited liabilities of all members

Q389. A franchise is bought by who?

A. A franchisor

B. A franchisee

C. A wholesaler

D. Manager

Q390. A plan reveals the business' ability to…

A. Make profit

B. Have a robust market

C. Employ the best skilled workers

D. Develop a brand

Q391. In structuring a business plan, supporting ideas involves all the following except………..…

A. A major opportunity for the business

B. Market has potential

C. Clear selling points

D. client in good position to exploit

Q392. Base on arguments in structuring a business plan with regard to clear selling points, considers all
the following except…….…

A. High performance

B. Sales force expertise

C. Lubricants in drugs

D. Client in good position to exploit

Q393. Who can read a plan?

A. Business owner

B. Potential customers

C. Stakeholders

D. Advisors

Q394. Business model is a mechanism for generating ….

A. Profit

B. Plan

C. Partners

D. Employees

Q395. Which of the following come first on a business plan summary?

A. Cover page

B. Table of content

C. Idea description

D. Cost

Q396. Looking at low competitive pressures, the entrepreneur focuses on the following, except….

A. Size of competitors

B. Product differentiation

C. Stage in life cycle

D. number of competitors.

Q397. Owusuaa has the idea of opening a cocoa drink business on campus. In modelling her business
concept, she makes use of the tool……….
A. Business plan

B. Business model canvas

C. Business proposition

D. Customer relations

Q398. Considering whether customers have common characteristics or not is essential in

entrepreneurship………

A. True

B. False

Q399. The following are types of resources except

A. Technological resources

B. Organisational resources

C. Business plan

D. Franchises

Q400……………..is a characteristic of resources.

A. Markets exist

B. Overdraft facilities

C. Timely

D. Serial

Q401. Operating resources are things used in the VALUE CREATION PROCESS_______________

Q402. Anything useful embodied in the process, system or physical transformation of the venture is
known as a…

A. Reputational resource
B. Technological resource

C. Human resource

D. Operating resource

Q403. Resources can be managed with one of the following strategies.

A. Resource minimisation strategy

B. Reporting systems

C. Firms structure

D. Testing and quality control technologies

Q404. Where entrepreneurs seek maximum efficiency is known as…RESOURCE MINIMIZATION

STRATEGY……………….

Q405. The following are all examples of human resources except

A. Technical expertise

B. Business service providers

C. Productive labour

D. Firms structure

Q406. Strategic resources help to create competitive advantages for a company.

A. True

B. False

Q407. ………………... is a business strategy which refers to building a business out of very little by
relying on personal assets, savings, and opportunities available, operating profits instead of loans

A. Resource minimization strategy

B. Value creating resources

C. Bootstrapping strategy

D. Other people’s resources

Q408. Organizational resources do not include the firm’s structure, routine and systems.

A. True

B. False

Q409. Anything entrepreneurs or their supporters can use in pursuing their venture is known as
___RESOURCES______________

Q410. Non-strategic resources can be described as common resources needed for carrying out usual
activity that provides no specific competitive advantage.

A. True

B. False

Q411. Resources that are liquid are known as _FINANCIAL RESOURCES___________

Q412. Common resources necessary for carrying out usual activity that provides no specific competitive
advantage is_____

A. Strategic resource

B. Value creating resource

C. Non-strategic resource

D. Bootstrapping strategy

Q413. Building a business out of very little by relying on personal asset, savings, and opportunity
available and operating profit instead of loan is ________________________

A. Resource minimization

B. Other people’s resources

C. Strategic resource

D. Bootstrapping resource

Q414. Partnership is registered under …………

A. incorporated private partnerships act, 1962 (Act 152)

B. companies act, 2019 (Act 992)

C. incorporated partnerships private act, 1962 (Act 152)

D. incorporated private partnership act, 1972 (Act 152

Q415. In the provisions of the new companies Act 2019 (Act 992), Public Companies Limited by Shares
will now use the abbreviation

A. LBG

B. LTD

C. PLC

D. PUC

Q416. The following are types of partners except…

A. Active partner

B. Sleeping partner

C. General partner

D. Passive partner

Q417. Franchising is an alternative to starting a business from scratch.

A. True

B. False

Q418. Which of the following is the first step for establishing a company
A. Registration

B. Articles of incorporation

C. Directors appoint corporate officers

D. Shareholders elect directors

Q 419. The extent to which team members are attracted to the team and motivated to remain in it is
known as ……….

A. Team attractiveness

B. Team motivation

C. Team cohesiveness

D. None of the above

Q420. A new venture team do not necessarily move from the idea stage to a fully functioning firm

A. True

B. False

Q421. Below are reasons why an entrepreneur should have a business plan except

A. To articulate the merits

B. To know the risks involved

C. To identify the potential rewards of the opportunity

D. To know your budget size

Q422. Which business plan is meant to be read by stakeholders?

A. Summary business plan

B. Full business plan

C. Operational business plan

D. Organizational business plan

Q423. It is NOT advisable to hire an outside professional to develop your business plan.

A. True

B. False

Q424. Degree of dependency is a determinant of Team cohesiveness

A. True

B. False

Q425. Team cohesiveness extent to which team members are not attracted to the team and motivated to
remain in it.

A. True

B. False

Q426. All the following are characteristics of resources except…

A. It can be consumed

B. It demands

C. It has price tag

D. It is free

Q427. Anything entrepreneurs or their supporters can use in pursuing their venture is ….

A. Resource

B. Confusion

C. Beta testing

D. Repetition of idea

Q428. Which of the answer below is a type of resource in the entrepreneurial venture?

A. Income-oriented
B. Brainstorming

C. Feasibility analysis

D. Human Resources

Q429. Building a business out of very little by relying on personal assets, savings, opportunities
available, operating profits is known as…..

A. Creativity

B. Business plan

C. Bootstrapping strategy

D. Ideas

Q430. A master plan is always dynamic.

A. True

B. False.

Q431. Which of the following is NOT a guideline for writing a business plan

A. Format of the plan

B. Analysis of the plan

C. Content of the plan

D. Structure of the plan

Q432. Financial resources are not in varying degrees

A. True

B. False

Q433. The ease with which a resource can be converted into cash in hand is termed as...LIQUIDITY.......
Q434. The entrepreneur………………………........when demand is unpredictable.

A. go for loans

B. outsource operating to improve cash flow

C. invest capital

D. quit job for some time

Q435. Anything useful embodied in the process, system or physical transformation of the venture is a....

A. Proprietary process

B. Technological secrets

C. Technological resources

D. Operating resources

Q436. All the following are forms of resources except

A. Strategic resources

B. Stability resources

C. Value creating resources

D. Non-strategic resources

Q437. One of the following is NOT part of the format for writing business plan summary.

A. cover page

B. costs

C. number of customers a day

D. finance plan

Q438. All the following are individuals or groups of people who are eligible to read your business plan
except………………………………………..

A. colleagues at work
B. employees

C. investors

D. clients

Q439. Mr Afful works in the farmland of Mr Phan and ensures that all weeds are cleared from time to
time. What type of resource is Mr Afful known to be?

A. financial resource

B. operating resource

C. human resource

D. organizational resource

Q440. Kofi Annan wants to start a sobolo business. He has in hand a 300 cedis. What type of resource
does Kofi have?

A. Cash in hand

B. Operational resource

C. Investment capital

D. Financial resource

Q441. In the provisions of the new companies Act 2019 (Act 992), Public companies unlimited by
shared will now use the abbreviation…

A. LBG

B. LTD

C. PLC

D. PUC

Q442. Which of the following business plan is a brief plan that is usually by experienced entrepreneurs
asking for funds in order to write a full business plan………………….

A. Summary business plan

B. Operational business plan

C. Full business plan

D. Traditional business plan

Q443. Which of the following suggests supporting ideas in the writing process of a business
plan………………………………………

A. Clients in good position to exploit

B. Market size

C. Price competition

D. Technology

Q444. Which of the following is an example of a team formation process…

A. Great source of creativity

B. Evaluation of talents

C. Degree of dependency

D. Team interaction

Q445. These are determinants of team cohesiveness except……………….

A. Team Interaction

B. Group size

C. Norming

D. Shared goals

Q446. The following are team development processes except………………..

A. Storming

B. Adjourning

C. Forming
D. Naming

Q447. A business plan should follow a conventional structure.

A. True

B. False

Q448. Anything entrepreneurs or their supporters can use in pursuing venture is a/an …

A. Idea

B. Opportunity

C. Resource

D. None of the above

Q449. Cash in hand is a type of resource that is liquid.

A. True

B. False

Q450. The kind of partner that takes full responsibility for the financial debts in the event of bankruptcy
in known as active partner

A. True

B. False

Q451. Types of business plans include ……………………………………………..

I. Summary business plan

II. Full business plan

III. Part time business plan

IV. Operational business plan

A. I, II and IV
B. I, III and IV

C. I, II and III

D. I, II and IV

Q452. “PLC” stands for ……………………………………………………

A. Private limited company

B. Public limited company

C. Private limited cooperation

D. Public limited cooperation

Q453. A business plan can be a tool of communication

A. True

B. False

Q454. How many types of resources in entrepreneurial venture do we have?

A. One

B. Three

C. Four

D. Seven

Q455. Pick the odd one out. A business plan is read by the following except

A. Employees

B. Investors

C. Potential customers

D. Well-wishers
Q456. Anything or any quality that is useful is called…

A. Business plan

B. Useful products.

C. Resource.

D. Strategies.

Q457. A business model is a ………………………………………………………………….

A. structure for business

B. table of contents.

C. mechanism for generating profit.

D. format plan for ideas.

Q458. Which of these is a disadvantage of a sole proprietorship?

A. limited access to capital.

B. no special legal restrictions.

C. profit incentive.

D. total decision making

Q459. Adjourning is the first stage of the team development process….

A. True

B. False

Q460…………contributes initial capital and in addition takes part in the day-to-day operations of the
business

A. No partner

B. General partner

C. Active partner
D. All partners

Q461. A business plan describes when and why a new business intends to accomplish

A. True

B. False

Q462. Organisational resources include the firm's structure, routine and..........systems.......................

Q463. Resources that are necessary for carrying out usual activity but provide no specific competitive
advantage are referred to as ......... resources.

A. non- strategic

B. non- rare

C. strategic

D. valuable

Q464. Which of the following is a characteristics of a resource.

A. It can be consumed

B. It has limited demand

C. It has limited tradability

D. It can be obtained for free

Q465. Which of the following forms of business has little governmental regulations?

A. Partnerships

B. Companies

C. Sole Proprietorships

D. Joint Ventures
Q466. Which of the following forms of business has more governmental regulations?

A. Partnerships

B. Companies

C. Sole Proprietorships

D. Joint Ventures

Q467. All these are types of entrepreneurship resources except

A. Financial resource

B. Operating resource

C. Human resource

D. Sustainable resources

Q468. The forms of resources are:

A. Value creating, bootstrapping resources

B. Non-strategic, strategic, other people resources

C. Non- Strategic, Strategic, Value creating

D. Bootstrapping, other people resources, resource minimization

Q469. All entrepreneurs must ensure they have all team members in place before they start their
business.

A. True

B. False

Q470. Strategies for managing resources include:

I. Resource minimisation

II. Bootstrapping strategy

III. Other people’s resources

IV. Economic strategy

A. I only

B. I and IV only

C. I, II and III

D. None of the above

Q471. The following are characteristics of resources except

A. Price tag

B. Market exists

C. Important

D. Consumed

Q472. The positive perceptions of constituents in the firm's environment are termed as ……

A. Human resources

B. Organisational resources

C. Reputational resources

D. None of the above

Q473. Using the least possible number of resources to reduce risks as the venture grows is an example of
resource minimization strategy

A. True

B. False

Q474. Use of other people's resources at the start up or early growth stage can be detrimental to a
business

A. True

B. False
Q475. A business model is how an organization _________, deliver and captures value.

A. builds

B. formulates

C. designs

D. creates

Q476. One of the following helps to demonstrate how an opportunity reveals itself

A. Business plan canvas

B. Business plan

C. Feasibility analysis

D. None of the above

Q477. Business plan is the mechanism for generating profit

A. True

B. False

Q478. ............. teams show more commitment than ………… teams

A. Large, small

B. Small, large

C. Ideal, large

D. Ideal, small

Q479. Performing is the 2nd stage of the team developmental process.

A. True
B. False

Q480. Virtual teams consist of geographically dispersed members linked psychologically.

A. True

B. False

Q481. A business Master Plan is dynamic

A. True

B. False

Q482. Sole proprietorship is a type of business owned and maintained by two or more people.

A. True

B. False

Q483. The following are types of resources used for an entrepreneurial venture except…………...

A. Business plan

B. Creativity

C. Technological resources

D. Human resources

Q484. Resources that help create competitive advantages for a firm are called STRATEGIC resources.

Q485. All the following are strategies for managing resources except?

A. Resource Minimization Strategy

B. Bootstopping Strategy
C. Other Peoples Resources

D. Bootstrapping Strategy

Q486. Which of the following is not a form of resource?

A. Value creating resources

B. Non-strategic resources

C. Strategic resources

D. Bootstrapping resources

Q487. Operating resource is a type of resource in the entrepreneurial venture

A. True

B. False

Q488. Entrepreneurs would be best described as risk…………..

A. averse

B. loving

C. managers

D. rewarders

Q489. As a new company grows, the entrepreneur will need to…………

A. be responsive to changes in the market

B. ensure financial controls are maintained

C. build a management team

D. all of the above

Q490. The first entrepreneurial task is………….

A. planning

B. organization

C. controlling

D. managing people

Q491. All entrepreneurs can be classified into………………….and……………………

A. Growth oriented and income oriented

B. Craft and Opportunistic

C. Income and opportunistic

D. Serial and novice

Q492. How big an opportunity is, depends on of which of these factors?

A. Attracting key stakeholders
B. Entering the network
C. Market growth rate
D. Sustaining demand

Q493. Creative act of joining two previously unrelated things, example bringing together the telephone
and the computer is called…………
A. Creation
B. Invention
C. Modification
D. Synthesis.

Q494. A good business plan serves four, interconnected purposes except as a/an
A. call to action
B. facilitator of the plan
C. instigator of analysis
D. tool for communication

Q495. Which of the following is an essential quality of an opportunity of an organization?

A. Accessibility
B. Durability
C. Liquidity
D. Portability

Q496. Which of the following is NOT a criterion for segmenting the markets?
A. Behavioural
B. Geographic
C. Psychographic
D. Turnover

Q497. Which of the following is a force that creates opportunity in •the economy?
A. Changing trends
B. Chaos, confusion, inconsistencies
C. Other vacuum in an industry or market
D. All of the above

Q498. Which of the following is NOT a variable in relation to environment?

A. Competition
B. Forms of ownership
C. Market
D. Resource availability

Q499. Which of the following factor is spotting the window?

A. Eureka
B. Creative flash
C. Personal analysis
D. All of the above

Q500. The process of perceiving the possibility of a profitable new business, product or service, idea is
called ……….
A. Opportunity recognition
B. Creative recognition
C. idea confirmation
D. Inspired detection

Q501. The mental process of generating a novel or useful idea is referred to as …………
A. Innovation
B. Visualization
C. Creativity
D. Opportunity

Q502. Which of the following is a way of developing a successful business idea?

A. Develop a business model
B. Financial feasibility analysis
C. Identify window of opportunity
D. Write a concept paper

Q503. Which of these is NOT a type of innovation?

A. Business model innovation
B. Industry innovation
C. Process innovation
D. Social innovation

Q504. Which of the following entrepreneurs develop an enterprise that fits their individual circumstances
and style in which they live their life?
A. Aspiring entrepreneurs
B. Behaviour entrepreneurs
C. Lifestyle entrepreneurs
D. Social entrepreneurs

Q505. A gap in a market that might be exploited in order to create new value is called
A. Business idea
B. Business concept
C. Business opportunity
D. Business plan

Q506 Relates to the way in which the venture acquires, controls and shapes its resources.
A. Fit
B. Configuration
C. Focus
D. Resources
Q507. All the following are examples of technological resources except
A. legal issues
B. proprietary issues
C. laboratory
D. research and development facilities

Q508. A system of distribution in which legally independent business owners pay fees and royalties-to a
parent company in return for the right to
A. Franchising
B. Licensing
C. Corporation
D. Privatization

Q509. All the following are drawbacks of franchising an organization except

A. Enforced standardization
B. Market saturation
C. Poor training programs
D. Financial assistance

Q510. A piece of knowledge that confers an advantage on a firm and is protected by non-disclosure is
known as
A. Copyright
B. Patent right
C. Trade secrets
D. Trademarks

Q511. The process of studying the industry in which a firm intends to compete to determine the different
potential target markets in that industry is called
A. Feasibility analysis
B. Market regeneration
C. Market niche
D. Market follower
Q512. The process of perceiving the possibility of a profitable new business, product or service, idea is
called ……….
A. Opportunity recognition
B. Creative recognition
C. idea confirmation
D. Inspired detection

Q513 Which of the following is not a reason for conducting product feasibility?
A. Get the product right the second time
B. Avoid any obvious flaws in the product’s design
C. Develop an early adopter community
D. Use our time & capital more efficiently

Q514. Which of the following is an essential quality of an opportunity of an organization?

A. Portability
B. Sustainability
C. Liquidity
D. Accessibility

Q515. Short declaration describing what an organization aspires to be tomorrow is called

A. Planning
B. Mission
C. Core values
D. Vision

Q516. The specific short-term targets for which measurable results can be obtained. It is intended to be
achieved within a given period of time is called
A. Goals
B. Objectives
C. Mission
D. Controlling

Q517. Which of the following is NOT a benefit of planning?

A. Allows decisions to be made ahead of time
B. Permits anticipation of consequences
C. Provides direction and a sense of purpose
D. None of the above

Q518. Which of the following is NOT a factor in conducting organizational feasibility analysis?
A. management expertise
B. organizational competence
C. resources to successfully launch its business
D. sufficient raw materials for production

Q519. All the following are areas of planning except

A. Financial planning
B. Organizational planning
C. Strategic planning
D. Succession planning

Q520. Which of the following is a source of business idea?

A. Exiting employees
B. Raw materials suppliers
C. Customers
D. All of the above

Q521. Feasibility analysis has embedded in it four major forms of feasibility that needs undertaken
before the entrepreneur attempts executing the project. Which of following best describes the four forms
of feasibility?
A. Product; industry, market; financial feasibility
B. product; industry; market; organizational feasibility
C. Product; industry; organizational; financial feasibility
D. Service; industry; market; financial feasibility
Q522….…………examines whether the entrepreneur has sufficient non-financial resources to move
forward to successfully develop the product or idea.
A. Financial feasibility
B. Industry attractiveness
C. Resource sufficiency
D. Income analysis

Q523. The initial purchasing of buckets, spoons, refrigerators, sieve and a ladle for the Emerald group
who are into the production of Sobolo, an indigenous breakfast, adds up to the group's……….
A. Income
B. Start-up cost
C. Revenue
D. Expenses

Q524. The persistent change in the environment has informed the CEO of Jinjindu Limited, Mr
Kumkum-Laka, to engage in environmental scanning to prevent the company from suffering from
‘environmental surprises’ that may occur during their existence in the markets. Which environmental
analysis is best suitable for Mr Kumkum-Laka?
A. Factor Analysis
B. SMART Analysis
C. SWOT Analysis
D. Entrepreneurial Analysis

Q525. All the following are attributes that demonstrate how entrepreneurs challenge the unknown except
entrepreneurs…………..
A. recognize opportunities where others see chaos or confusion
B. are aggressive catalysts for change within the marketplace
C. are mostly sceptical about investment decisions
D. challenge the unknown and continuously create the future

Q526. Which of these is NOT among the aspects of entrepreneurship in contemporary times?
A. Family businesses
B. Women and minority entrepreneurs
C. Global entrepreneurship movement
D. Men and majority entrepreneurs

Q527. Which element in the Focus-Fit-Configuration relates to the way in which a venture acquires
controls and shapes its resources?
A. Focus
B. Configuration
C. Opportunity
D. Fit

Q528. Becca, a celebrated entrepreneur in Ghanaian music industry, discloses "I went to TV3 Mentor
Audition, but they rejected me." Which of these approaches to entrepreneurship is demonstrated in the
caption?
A. Locus of control
B. The need for achievement
C. Negative displacement
D. Risk-taking propensity

Q529. The product development team of Glazico Ghana limited recently created a security that was
made out of some previously unrelated components such as the joining sensors, reinforcement steels and
alarming devices. Which of these creative behaviours was demonstrated?
A. Creation
B. Synthesis
C. Modification
D. Brainstorming

Q530. Companies employ creativity techniques to come out with successful business ideas through
creative thinking. Which of these variables cannot detract such creative drives?
A. Pigeonholing employees
B. Failing to punish employees for mistakes or failed ideas
C. Maintaining a stiff organizational culture with no room for different behaviours
D. Being pessimistic, judgmental and critical
Q531. Due to concerns for healthy lifestyle being championed by most social entrepreneurs, Kusi, an
undergraduate from University of Cape Coast, hopes to setup top-nosh fitness Centre. Which of these
qualities will NOT be considered before final investment is made to exploit this opportunity?
A. Attractiveness
B. Knowledge and information gaps
C. Market, technical and commercial feasibility
D. Durability

Q532. How would you know that a window of opportunity has closed?
A. When the market is established and is profitable
B. When the market matures and profitability increases to make it more attractive for new entrants
C. When the market matures and profitability dwindles to make it less attractive for new entrants
D. When the market declines and profitability dwindle to make it less attractive for new entrants

Q533. In determining the size of the window of opportunity, how big the opportunity is, depends on all
the following EXCEPT
A. market size
B. share attainable/sales potential
C. market growth rate
D. share unsustainable
Q534. Which is the third step that entrepreneurs use to develop successful business ideas?
A. Opportunity recognition
B. Writing a business plan
C. Conducting industry analysis
D. Market assessment/feasibility analysis

Q535. Which of these is NOT attributable to diversity characteristic of teams?

A. Produce more innovative solutions to problems
B. Source of creativity
C. Contribute to a healthy level of conflict that leads to decision making
D. Role conflict and role ambiguity
Q536. Among the factors that entrepreneurs consider before they decide on ownership (form of legal
entity), their businesses take include all these EXCEPT
A. the cost of setting up and maintaining the legal form
B. the extent to which an entrepreneur can shield personal assets from liabilities of the business
C. time for launching the business and type of industry to go into
D. the number and types of investors the entrepreneurs want to attract

Q537. Which of these is NOT among the forces that must be present to ensure creativity?
A. Domain of knowledge
B. Social context
C. Individual intelligence
D. Duration for creativity

Q538. Which of these is NOT among the principles of entrepreneurial financing?

A. More cash is preferred to less cash
B. Manage risky cash than less risky cash
C. Cash sooner is preferred to cash later
D. Less risky cash is preferred to more risky cash
Q539. Instead of wealthy individuals making investments one at a time and on their own, they pull their
funds with other like-minded people and hire professionals to make investment and related decisions for
them. This constitutes……………...
A. Factoring
B. internal equity
C. venture capital
D. angel investors

Q540. To get investors convinced to invest in a business, it is important for the business founder to
provide all these pieces of information EXCEPT
A. Compelling rationale
B. The business models
C. Clearly identified opportunity
D. Business life span

Q541. Which of these will NOT mostly push entrepreneurs to secure finance?
A. Managing the venture
B. Harvesting the venture
C. Growing the venture
D. Launching the venture

Q542. In selecting investors to support your business setup agenda, it is crucial for you to look for
investors who qualify in this regard EXCEPT
A. Investors who are considering new financing proposals and can provide the required level of capital
B. Investors can provide good business advice, moral support, and has contacts in the business and
financial community
C. Investors who are reputable, fair, and unethical and with whom the entrepreneur gets along
D. Investors who understand and have a preference for Investments in the particular in

Q543. According to economist Joseph Alois Schumpeter (1883-1950), …………….are not necessarily
motivated by profit but regard it as a standard for measuring achievement or success.
A. Entrepreneurs
B. Innovators
C. Opportunists
D. Initiators

E. Q544. Which of the following level of team development do members conduct an assessment of the
year and implement a plan for transitioning roles and recognizing members’ contributions?
A. Adjourning
B. Forming
C. Norming
D. Storming
F. Q545. All the following are the setbacks of limited Liability Companies except …………
A. Accounts are less private
B. Little voice for small shareholders
C. Greater specialization and division of labour
D. Decision making can be slow

THANK YOU VERY MUCH!!!!!!